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Does emissions trading work?
Satoshi Koreeda / Yomiuri Shimbun Correspondent
COPENHAGEN--Emissions trading has been touted as an effective way to cut greenhouse gases, the main item on the agenda of the ongoing U.N. climate change conference. But with speculative money pouring into the emissions-trading markets, critics have questioned the effectiveness of the system and pointed to trade distortions.
Emissions trading is a scheme that allows companies that cannot limit their emissions of carbon dioxide and other greenhouse gases within the emission quotas set for each firm to meet their reduction obligations by buying …